After two straight sessions of fall, Indian markets witnessed a breakout on May 27 as the bulls pushed the S&P BSE Sensex by over 1,000 points to close above 31,000 while the Nifty reclaimed the vital 9,300 level.
Easing of restrictions and the gradual resumption of business activity in India and across the world raised investors’ hopes of the economy getting back on track, say experts.
Positive global cues in terms of fresh stimulus hopes from EU as well as Japan lifted sentiment while renewed US-China tensions over Hong Kong tempered optimism about a global economic recovery capped the upside, a Reuters report said.
Clocking their best day of the month, the Sensex ended 995 points higher at 31,605 and the Nifty50 rose 285 points to close at 9,314.
All sectoral indices were in the green and institutional buying in banking stocks helped the bank index gain more than 7 percent, say experts. The volatility is expected to continue ahead of F&O expiry on May 28.
Sectorally, action was seen in banks, finance, IT, metals, capital goods, and energy stocks while profit-taking was seen in healthcare stocks.
Most banking stocks post biggest single-day gains in nearly two months. The Nifty Bank advanced 1,270 points to 18,711, to record its best trading day since April 7.
The broader markets, however, underperformed the benchmark indices. The S&P BSE Midcap index rose 0.54 percent while the S&P BSE Small-cap index rose 0.27 percent.
Top Nifty gainers included HDFC Bank, Grasim Industries, Wipro, ICICI Bank, and Axis Bank.
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